Peapack-Gladstone Financial (NASDAQ:PGC) Price Target Cut to $29.00

Peapack-Gladstone Financial (NASDAQ:PGC) had its price objective reduced by Keefe, Bruyette & Woods from $30.50 to $29.00 in a research note issued to investors on Thursday morning, Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

A number of other analysts also recently issued reports on the stock. Piper Sandler lowered shares of Peapack-Gladstone Financial from an overweight rating to a neutral rating in a research note on Wednesday, April 24th. TheStreet cut shares of Peapack-Gladstone Financial from a b- rating to a c+ rating in a report on Friday, February 23rd.

Peapack-Gladstone Financial Stock Performance

Shares of Peapack-Gladstone Financial stock traded up $0.34 during trading on Thursday, hitting $23.31. 76,623 shares of the company’s stock traded hands, compared to its average volume of 101,950. Peapack-Gladstone Financial has a 1 year low of $21.58 and a 1 year high of $31.49. The business has a 50-day simple moving average of $23.59 and a 200-day simple moving average of $25.43. The stock has a market capitalization of $413.75 million, a P/E ratio of 10.69 and a beta of 0.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98.

Peapack-Gladstone Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, May 9th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.86%. Peapack-Gladstone Financial’s dividend payout ratio is currently 9.17%.

Institutional Trading of Peapack-Gladstone Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP bought a new stake in shares of Peapack-Gladstone Financial during the 3rd quarter valued at $25,000. Quest Partners LLC purchased a new position in Peapack-Gladstone Financial during the fourth quarter valued at $77,000. Denali Advisors LLC bought a new stake in Peapack-Gladstone Financial during the first quarter valued at about $204,000. BNP Paribas Financial Markets increased its position in Peapack-Gladstone Financial by 90.4% in the first quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock worth $204,000 after buying an additional 3,987 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Peapack-Gladstone Financial by 133.8% in the third quarter. SG Americas Securities LLC now owns 8,790 shares of the financial services provider’s stock worth $225,000 after buying an additional 5,031 shares during the period. 72.75% of the stock is owned by hedge funds and other institutional investors.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.